Early Friday afternoon, standing in front of Rulfs Orchard and Farm Store in Peru, New York Senator Chuck Schumer unveiled his two part plan to bring economic relief to small businesses like Rulfs, who have been impacted by the pandemic.
“We cant stand idly by, while businesses like these and thousands of others are struggling to stay alive. So getting this program passed is vital,” says Schumer.
Just under two weeks after the ‘PPP’ loan period came to an end, Senator Schumer’s ‘Prioritized Paycheck Protection Program’ or ‘P4’ plan, would extend the loan period to the end of the year. Before addressing the media, he sat down with a group of small business owners from the North Country to hear their story.
“It was a pleasure to sit down and have him chat with a few of our local business people, and hear first hand how important it is to get a new relief bill out of congress that includes extending PPP,” says North Country Chamber CEO and President, Garry Douglas. “Giving them a second chance to get in that program this fall, to keep them going into next year.”
The ‘P4’ loan will allow small businesses to access funds worth 250 percent of monthly payroll costs up to 2 million dollars. Hard-hit small businesses and non-profits with fewer than 100 employees, independent contractors, and self-employed borrowers are just some who are eligible for this second round of assistance. Similar to the first round, these loans would be fully forgivable, as long as the funds are used properly.
For the Senator, this issue is one that hits close to home. “Small businesses as we all know are the back bone of our economy. The vast majority of people in the North Country who work, work for small businesses, businesses of less than a hundred. And I know how they are the back bones of our economy. And I know how they struggle, my father was a small business man.”
Senator Schumer says the goal is to keep this limited to small businesses only, keeping big businesses out.